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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Seplat passes a vote of confidence on Brown

Brown 

Seplat Energy Plc, yesterday, refuted the claims in some quarters that its Chief Executive officer, Mr Rogers Brown, who stepped aside briefly in order to clear some burning issues pertaining to his office,violated some corporate governance issues in the country.

The firm, in a statement signed by the Chairman,  Board of Seplat, Mr Basil Omiyi and made available to the News Mirror, expressed confidence in its CEOs, stating that the ex-parte interim order passed recently by Justice C.J Aneke in order to restrain Rogers Brown from operating as Seplat's helsman  for seven days was unconstitutional.

Aneke was of the Federal High Court sitting in Lagos. 

The Board believes these allegations are a spurious and vindictive reaction to its  enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. As a result of this, the Board has no option other than to pass a vote of confidence in Mr Brown as the CEO.

" The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy" it added.

The Order allows the Chairman, Mr. Basil Omiyi, and all the INEDs of Seplat Energy to continue running the affairs of the Company on the basis that it is in accordance with Nigerian law. Mr. Brown has delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he is required to step back from his executive duties." the statement added.

Continuing further, the Board listed the allegations against the CEO of Seplat to include the site visit organised for a number of major shareholders of the company, cancellation of some catering and landscaping contracts, and introduction of a new job performance rating. 

Recall that Brown became Seplat's CEO in 2020 and since then Nigerian nationals have been appointed to the company’s most important positions, including Chairman, Senior Independent Non[1]Executive Director, Chief Financial Officer and Chief Operating officer.

Added to this was the promise made by Seplat to follow due process of law in responding to the allegations before the court and also maintain its operational excellence and act in line with the best corporate governance standards.


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